160+ Firms Hold 1M BTC: 3 Levers to Boost Bitcoin Reserves

Over 160 publicly traded companies now hold nearly one million BTC—about 4% of the circulating supply—as strategic reserve assets. This Bitcoin reserves model, popularized by MicroStrategy, has spread globally. Firms raise equity at premiums, convert proceeds to BTC, and offer share-based Bitcoin exposure while aiming to keep market-to-net-asset-value (mNAV) above 1. To sustain mNAV premiums, companies are deploying three growth levers. First, they generate yield on Bitcoin reserves through on-chain services—like Lightning Network fees—and BTC-backed loans. Second, they use risk-weighted leverage to secure USD financing against BTC collateral, balancing liquidation risks. Third, they expand into complementary businesses such as data centers, decentralized AI computing platforms and other Bitcoin-native infrastructure to build independent cash flows. As the Bitcoin reserves trend evolves, firms that professionalize capital structures and diversify beyond spot BTC purchases are poised to maintain premium valuations. Others risk stagnation as closed-end funds with limited growth.